Chain Mortiser. It's a carpenter's jig designed specifically for cutting lock mortises. A mortise and tenon joint is very commonly used connection in our frames.
The base of a benchtop mortiser has holes for a very good reason.
Door mortiser: The other tool that's called a mortiser is a door mortiser.
Chain-mortiser in action - YouTube
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Around the Shop: The Chain Mortiser
One can make through mortises on large timbers by laying out and cutting from both sides of the timber. The teeth of the sprockets are arranged on one, two or three ring gear crowns, depending on the thickness of the chain with which they have to be combined. Most commonly used to cut mortises for Timber Frames.